In what might be thought-about the deal of the century, worldwide offshore drilling contractor Ocean Rig has bought a complicated extremely deepwater drillship at public sale for simply $65 million in money.

Ocean Rig on Monday introduced the acquisition of the drillship Cerrado, a sixth era drillhip constructed by Samsung Heavy Industries in 2011. The design of the drillship is much like Ocean Rig’s 4 current sixth era drillships, which had been first ordered in June 2008 by DryShips, then majority proprietor of Ocean Rig, at Samsung Heavy Industries for about $800 million apiece when the worth of crude was hovering round $140 per barrel.

The Cerrado drillship purchased at public sale was beforehand operated by a unit of the Brazilian agency Schahin Group, which in April 2015 filed for chapter after racking up billions of {dollars} in debt. Schahin financers seemingly paid someplace within the vary of $600 to $700 million for the drillship when it was first ordered.

While it’s arduous to not be impressed what an incredible deal Ocean Rig landed, it simply goes to perilous state of the offshore drilling business.

Ocean Rig says the transaction remains to be topic to judicial public sale process, however upon supply the rig shall be renamed Ocean Rig Paros.